9th Oct 2024 10:32
(Alliance News) - Central Asia Metals PLC on Wednesday said copper, zinc and lead production has fallen in the nine months to date, due to challenges posed by a new mining system at Sasa.
The London-based owner of Kounrad SX-EW copper project in central Kazakhstan and Sasa zinc-lead mine in North Macedonia said Sasa is now expected to achieve output towards the lower end of 2024 guidance, which currently stands at zinc-in-concentrate production between 19,000 and 21,000 tonnes, and lead-in-concentrate between 27,000 and 29,000 tonnes.
Kounrad is on track to achieve its full-year guidance for copper production, which stands between 13,000 and 14,000 tonnes.
Overall copper production for the first nine months of 2024 has fallen 1.2% to 10,248 tonnes from 10,377 tonnes for the same nine-month period in 2023. Zinc production was down 7.4% to 13,782 tonnes from 14,891 tonnes, and lead production fell 5.0% to 19,736 tonnes from 20,773 tonnes.
Chief Executive Officer Gavin Ferrar said: "Kounrad continued to perform well in the third quarter of 2024, in line with its production performance in the corresponding period of last year, and maintained its excellent safety record. The third quarter is seasonally Kounrad's strongest quarter, and the operation remains on track to achieve full-year production firmly within the guidance range given at the start of this year.
"Sasa also performed well in the third quarter of 2024, with the tonnage processed recovering from the levels of the first half 2024 towards the level recorded in the third quarter last year. This represents a great achievement by the Sasa team, given the challenges posed by the transition to the new mining system designed to ensure the operation's long-term future. Head grades, in particular zinc, also recovered relative to the first half of 2024. We look forward to maintaining this progress in the fourth quarter, which we expect to result in full-year production towards the lower end of the guidance range.
"Meanwhile, the capital projects programme at Sasa is nearing completion, which includes moving to the use of paste backfill in mining and adopting dry-stack tailings. Together, these technologies form the core of Sasa's long-term strategy; maximising resource extraction, and extending the life of Sasa tailings storage facility 4 and thus avoiding the need for a new conventional tailings storage facility. Together, these developments ensure Sasa's planned life to at least 2039."
Shares in Central Asia Metals were down 0.2% at 190.30 pence each in London on Wednesday morning.
By Emily Parsons, Alliance News reporter
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